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Concept of Guangzhou WFOE
Guangzhou WFOE stands for Guangzhou Wholly Foreign Owned Enterprise, is a limited liability company wholly owned by either a foreign individual a or foreign legal entity. Hong Kong-, Macao-, Taiwan-, investors is also included.
Advantages of Establishing a Guangzhou WFOE
1. Ability to formally carry out business rather than just function as a representative office which is restricted in many ways.
2. There is no requirement for investors to be established for over 2 years while parent company of Representative Office should as least has 2 years history.
3. Protect Intellectual property and Independent technological patents
4. Greater efficiency in management, operations and future development
5. Ability to receive RMB revenues and issue official invoices.
6. Legal profits, lawfully-earned income and funds after liquidation can be remitted abroad.
7. Able to convert RMB profits to US dollars for remittance to its parent company outside of Guangzhou
8.It is more easier to apply for a working visa in Guangzhou city,what’s more, your immediate relatives(parents,wife,children) could apply for family visa to stay with you in Guangzhou.
9.Recruit Chinese employees to support your business legally.
10. Can apply for import and export rights.
Shareholder, Director and Manager, Legal Representative, Supervisor
1. Shareholder must be foreign investors (companies or individuals), including Hong Kong-,
Macao-, Taiwan-, investors.
2. Director and Manager can be the same person, acted by shareholder, non-shareholder, foreigners or Chinese.
3. Legal representative is a very important position, represents the interests of enterprise as a legal person, acted by director, manager, shareholder or non-shareholder.
4. Supervisor shall not serve concurrently as legal representative and senior management, acted by shareholder, non-shareholder, foreigners or Chinese.
Needed Documents for a Guangzhou WFOE Registration
1- Your Office contract and its registration paper (The area is required no less than 30 ㎡ and for commercial use only );
2- Your original passport when we submit docs need show it;
3- Company name can give Chinese and English name;
4- Company register capital give amount is ok, no need paid up;
5- Company business scope, can give your main business items we find more for you.
6- ID or passport copy of directors, supervisors and managers
8- Other relevant documents and certificates;
Guangzhou WFOE Registration Procedure
Step 1: Name Pre-registration with Guangzhou Administrative Bureau of Industry and Commerce
Step 2:Registration for Business License
Step 3: Carving of Company Chops
Step4: Certificate of Approval issued by Bureau of Foreign Trade and Economic Cooperation of Guangzhou Municipality
Step 5: Company bank account opening and sign tripartite agreement with the bank
Step 6: Report to the Tax Bureau
Processing Time for Guangzhou WFOE Formation
General speaking, it will take about 1 month.
Annual Audit Report of Guangzhou WFOE
Any limited companies in Guangzhou should summit annual audit report to the relevant authorities. Any company will be subject be to a fine if the Annual Audit Report is not submitted in a timely manner.
Follow-Up Service of Guangzhou Wholly Foreign Owned Enterprise
1、General tax payer application
2、Annual Audit Report
3、Import and export license application
4、Business license alteration
5、Work permit application
For further information or assistance, please feel free to contact us